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put it into the US side then, the economy is no longer in a credit crisis and banks are back to lending to big corporate accounts. We won't be seeing the REITs folding and banks taking them over and liquidating the assets at fire sale prices anymore.
In Canada, REITs are dominated by the big players but there are a handful to which are public. If you look at the news releases over the past 2 years for Ballard Power, you'll see a small local REIT that is growing quickly. I can't remember the name right now. Ballard sold off its buildings last year to raise cash in a sell/lease back deal. The new owners of their head office building is the REIT.
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